It was like Christmas Day for crypto believers: PayPal announced that it's getting ready to allow users to buy, hold and sell cryptocurrency from within the PayPal app.
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Quibi was old-world TV dressed up like the future, while the actual future was happening elsewhere. It's about screenshots and memes remixes and duets deepfaking yourself into your favorite scenes watching stuff with your friends getting to know your favorite creators. "We were not able to do so."īut the biggest mistake Katzenberg and Whitman made was assuming that the future of entertainment was just about watching stuff. "The circumstances of launching during a pandemic is something we could have never imagined but other businesses have faced these unprecedented challenges and have found their way through it," they wrote. Katzenberg and Meg Whitman wrote in an open letter to staff that a lot of factors helped kill Quibi.And, of course, it launched at precisely the worst possible time. Even its Turnstyle tech, which was as close to a Thing as Quibi ever had, is the subject of a lawsuit alleging it's not really a Quibi creation.After all his years at Disney, Katzenberg knew better than most the importance of owning IP, but he made a compromise to build the library, and that ultimately became a problem. Quibi didn't own its shows, either, meaning there was little possibility for licensing or ways to make other money from its content.
It never had a hit show, something that leapt out of the app and into popular culture. What Quibi got wrong was all in the execution. Most of its money came from entertainment companies, also known as "the people who implicitly trusted Jeffrey Katzenberg." Speaking of all that money: Quibi wasn't funded like a tech company at all.But Katzenberg and CEO Meg Whitman said they didn't see a path forward - at least not one that didn't involve burning another billion or so - and decided to wind things down. It raised $1.75 billion, had roughly a half-million subscribers and even had hundreds of millions left in the bank.After weeks of trying to find a buyer, and reportedly being rejected by everyone from Apple's Eddy Cue to WarnerMedia's Jason Kilar to Facebook's Fidji Simo, the company told investors last night that it's shutting down for good.Problem is, that name is probably TikTok or Snapchat, or maybe YouTube or Reels. The future is short-form, mobile video, some of it of incredibly expensive and of high quality, in an app with a dumb name. The thing about Jeffrey Katzenberg's crazy Quibi vision, which came to an abrupt end yesterday? He was kind of right.
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